How to Buy an Investment Home if You Are Self Employed in Charlotte

As a self-employed individual, you might think it will be tough to buy an investment home. However, the process is similar to those with full-time jobs. Check out our latest blog to learn more!

Getting A Loan

Get Your Paperwork In Order

Many self-employed individuals will do some prep work before applying for a loan. Many will choose to pay themselves a W2 wage as opposed to an owners draw. You will need to be able to show stable and consistent income, ideally with gains over time. Be prepared for a higher interest rate as someone who is self-employed. This is often considered risky by the lenders, and sometimes you will simply need to pay more. You will also need to make sure your credit is in good standing. If there are items that are easily cleared up, then, by all means, do so. If there are items you want to contest, take action by writing to the creditors as well as the credit bureaus themselves. Also, and this is a good practice to begin with, be sure to keep all of your business and personal transactions separate. Comingling funds creates confusion and will make things more difficult come tax time.

Reduce Your Deductions

While many business owners use all the deductions they are entitled to, this will end up decreasing your income. The lenders will want to see a high income in order to show you will be able to pay back the loan. When filing your taxes this year, consider taking a pass on some deductions you had to write off. This will help the lender see that you actually do have the income required to pay back the loan.

Save Up For That Downpayment

It is safe to assume you will need to put down at least 20% when you buy an investment home. Depending on the property, this could be a fairly large chunk of change. It is smart to begin saving right away and consider setting aside a set amount each month. Treat your saving account as simply another bill you need to pay. Some other great ideas would be to skip your yearly vacation and make sure any unexpected cash you receive goes straight to the savings account. If needed, consider tapping into your retirement account or your 401k, just make sure the penalties aren’t too steep.

Buying Directly

Work With A Pro

When you work with a professional such as Swing Real Estate LLC you will be able to purchase a fantastic investment property at a very low price. We offer off-market deals, which will save everyone time and money. Many of our buyers pay in cash, but that is not always a requirement. We work with private buyers and sellers as well as other investors to offer some of the best deals in the Charlotte area. Working with a professional will ensure you are purchasing a high-value property at a low price. We only buy and sell the best houses in the Charlotte area.

How To Save

To save up to buy an investment home in cash, it is smart to begin saving early. As with saving up for a downpayment, saving up to buy a house in cash can take some work. Consider liquidating other assets and avoiding any unnecessary spending. There are many systems to help you save your cash and by following them, you will be able to put more cash in your pocket, much more quickly.

Are you ready to buy a Charlotte house? We can help! Send us a message or give us a call today! 888-277-2711

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Hear What Others Have To Say…

"Highly recommend! They bought our house fast and made the transaction very simple. The attorney mailed us the documents we needed to sign and also wired the funds when everything was complete. If you want to sell fast contact Fair House Offer & Swing Real Estate today" -December 2015

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“I would recommend Swing Real Estate to any and everyone. I was going through a tough situation and was about to lose my property to the bank. I reached out to them at the last minute after exhausting every other option. They were kind, professional and were able to pay me cash for my property! Instead of losing the house to the bank and getting nothing, Swing Real Estate allow me to put a substantial amount of money in my pocket and start over fresh without having a foreclosure on my credit report.” – April 2014

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"When my mother passed away, her house was in poor condition. I contacted one company that bought “ugly houses” and they offered an unacceptable low price. I received a letter from [Swing Real Estate] and they agreed to look at. After some friendly negotiations, they offered a price that was almost double the previous company offer. The transaction was painless. Fair Housing took care of all the details. Even when some complications came up, they assisted and resolved the issue. We didn’t even have to clean the house or dispose of things in the house that we didn’t want. I highly recommend them. They were professional and courteous." -January 2016

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"I am glad I was able to sell my house. Thank you Fair House Offer for making it happen!" - October 2015

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"[Swing Real Estate] were very professional and handled everything quickly. They offered my fiancé and I a fair price and closed quickly. I highly recommend them if you are wanting to sell your house fast and not have to worry about it." -November 2015

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All properties are sold for cash or hard money. Buyers responsibility to do your own due diligence and verify all information. Prices are NET to seller with buyer paying all closing costs. Opinions of value / rents are given as a courtesy and no guarantees are expressed or implied. Our properties move fast so contact us quickly if there is a property you want to purchase. This is not a solicitation or offer of securities. Investment is offered only to qualified investors through a written Investment Agreement or Private Placement Memorandum.